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FTSE struggles as Brexit bill debate begins

The FTSE 100 remained in the red as weaker housebuilders and miners dragged on performance, while MPs began a long debate over the EU Withdrawal Bill.

Despite an optimistic summit between the US and North Korea on Monday, investors remained cautious on whether this progress will continue.

Berkeley (BKG) and Barratt Development (BDEV) fell by over 2.7% apiece following negative news from Crest Nicholson (CRST) and Bellway (BWY).

Miners Anglo American (AAL) declined 3.2% to £18.12 and BHP Billiton (BLT) lost 1.3% to £17.46.

The FTSE 100 closed 0.4% lower at 7,703.

UK unemployment was 4.2% in the three months to April, down from 4.6% a year earlier according to the Office for National Statistics.

Brent crude oil slipped 0.2% to $76.33 per barrel.

OVERSEAS MARKETS

Wall Street remained resilient on Tuesday with the Dow Jones the only index struggling to make gains. It was flat at 25,330 around 4:45pm UK time.

MID AND LARGE CAP RISERS AND FALLERS

Housebuilder Crest Nicholson disappointed the market with worse than expected half year results and a reiteration of downbeat margin guidance given in May. Its shares slumped 6.3% to 417.9p.

Industry peer Bellway was also under pressure as it said it was using incentives to sell premium-priced properties and guided for margins to be slightly lower year-on-year in the 12 months to 31 July 2018. The stock weakened 3.6% to £32.87.

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